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  • International Politics


    Øystein Noreng, Contributing Editor, North Sea

    Creating value offshore Norway. The activity level in the Norwegian offshore petroleum industry is falling quickly, and the 18th licensing round comes next year. In 2002, exploration was at its lowest level since 1968. For several years, no major finds have been made. Development increasingly is based on discoveries made in the 1970s and 1980s, then considered marginal and not sufficiently profitable, yielding to larger and more profitable prospects in the development lineup. Chances are that Norway’s oil output will decline after 2005.

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